The average monthly income per household increased by four-point-four percent in the third quarter compared to the previous year.

According to a survey conducted by Statistics Korea and released on Thursday, the average monthly income per household stood at five-point-255 million won, or over three-thousand-766 U.S. dollars,  marking a four-point-four percent increase compared to the third quarter of last year.

Household consumption expenditure rose three-point-five percent, reversing the trend of the past nine quarters, where the income growth had exceeded the consumption expenditure growth rate.

The average monthly expenditure per household stood at three-point-975 million won, or over two-thousand-800 U.S. dollars, a two-point-seven percent increase over the same period.

An official at Statistics Korea explained that although consumption expenditure increased, the income growth rate was greater due to higher wages.